unchanged when they meet for online meetings on Sunday, analysts told AFP. The biannual ministerial meeting comes as uncertainty remains over how oil prices will develop in the near future, with traders looking for signs that indicate progress in ongoing negotiations on resolving the conflict in Ukraine, which could lead to the return of Russian crude to markets.

Since April, eight key OPEC+ members led by Saudi Arabia and Russia have boosted production in an effort to regain market share amid strong competition from producers outside the group such as the United States, Canada and Guyana. But in early November, the V8 group announced they would pause their output increases in the first quarter of 2026 due to expected lower seasonal demand, following a small increase in December.

The OPEC+ ministerial meeting is thus "unlikely to deliver any major new drivers for the market", said Commerzbank analyst Barbara Lambrecht. "A ceasefire would likely stop mutual attacks on energy infrastructure, and sanctions might be eased or even lifted," which would reduce the risk premium that is currently driving up oil prices, she said. A deadlock in negotiations, however, "could force (US President Donald) Trump to tighten sanctions again" against Russia's oil industry, likely pushing oil prices higher, said Arne Lohmann Rasmussen, an analyst at Global Risk Management. (Bssnews)